This initiative helps users convert loose change into savings that earn 4 percent interest annually.
GoTyme Bank is the first bank integrated into BSP’s deposit machines. For added privacy, the system uses a unique barcode instead of a phone number.
The BSP launched the CoDM project in July last year to tackle the artificial coin shortage in parts of the country.
Beyond promoting coin recirculation, it offers a public service by allowing customers to convert idle coins into e-wallet credits, shopping vouchers, and now, bank deposits. This is particularly useful for those who prefer not to carry coins or lack time to visit the bank for conversion.
